Prefilled GST data will be coming soon, as Income Tax AIS The government is creating pre-filled consolidated GST return forms that would allow taxpayers to access all of their transaction details and e-invoices to determine their precise tax due, similar to the Annual Information Statement (AIS) feature used by the Income Tax dept. Govt is …
Reasons & Consequences of a company become struck off There are many ways for a company to go out of existence. One of them is having its name removed from the list of company names. This approach may be used by a business that has ceased operations and wants to have its name removed from the …
Compliance Calendar for the Month of June 2023 Statutory and Tax Compliance Calendar for June 2023 S. No. Statue Purpose Compliance Period Due Date Compliance Details 1 Income Tax TDS/TCS Liability Deposit May-23 7-Jun-23 Due date of depositing TDS/TCS liabilities under the Income Tax Act, 1961 for the previous month. 2 GST GSTR-7- TDS …
All India Special Drive on Goods and Services Tax It is a special drive designed only for the named person, or to put the GST officers on mission mode for a month while they fulfil their tasks. Any action taken by any officer based on the information demanded must fall under its purview and must …
GST Registration under GST LAW GST Registration is getting suspended due to non-compliance – GST Important Provision As per the notification, GST registered individuals would be unable to pay more than 99% of their production tax obligations from the funds in their electronic credit ledger as of Jan 1st, 2021. In other words, as per …
How to choose an accounting method ? Using the cash basis of accounting method may appear to lower your tax liability. However, it is probable that it will merely postpone your tax payment However, you will not be able to save any money on taxes Once you’ve opted on an accounting method, you must follow …
All About the advantages of the Goods and Service tax Q.: What are the advantages of the GST? The following are some of the GST’s advantages: Intended for use in business and industry. Easy compliance: The GST regime in India would be built on a solid and comprehensive IT system. As a result, all tax …
Tax Department tightens Grip its control over company advance tax payments In order to make sure that companies do not put off the payment of taxes for the duration of the fiscal year, The Income Tax Department is actively keeping an eye on advance tax payments by carefully examining companies’ annual and quarterly balance statements …
CBIC to implement more discloser from June 1 2023 to expedite clarances of Medicinal Products Customs Department will start requiring additional disclosures In order to speed up shipping clearances for the export & import of pharmaceutical products on June 1 onwards. When these new disclosures are put into place, the inquiries that Customs officials frequently …
SOP Instruction for Scrutiny of GST Returns of FY 2019-20 & onwards: CBIC. New instruction issued by CBIC for the Scrutiny of GST returns filed by taxpayers. The Central Board of Excise and Customs has recently issued instruction no. 02/2023-GST on 26.05.2023 regarding the standard operating procedure (SOP) for the scrutiny of Goods and Services …